I updated to the new Firmware by going through my Dashboard. The amount of time for download, install and reboot was around 25 minutes and then it took about 15 more minutes for the Content Scan to complete. See image below.
My only problem was when I looked at SmartWare it was not showing My Cloud as a back up target and WD My Cloud was not showing in Quick View. A second reboot of my My Cloud corrected this.